Mobile Payment Systems In Malaysia: It's Potentials And Consumers' Adoption Strategies

Mobile payment systems is a point-of-sale or money payment transaction via mobile device such as mobile phone, small phone, digital phone and other device. The mobile payment can be used to purchase any number of digital goods and physical goods through SMS. For example digital goods are ring tones, games, wallpaper for mobile phone and the booking cinema ticket and air ticket. Recently, mobile payment system have become popular in Malaysia. This service provides customers effective money off vouchers. This service provide to all mobile operators in Malaysia.

In a nutshell, with more than 16 million mobile phone subscribers in Malaysia, it is inevitable that mobile phone will become a payment tool. Mobile Money enables the mobile phone to function like a credit card and it allows users to pay from wherever they may be without disclosing their credit card details.

Mobile payments allows the merchant to sell to people across town, across the country and take payment around the clock, which is not possible with current payment systems. This also means that the consumers are allows to buy the products or services from the merchant at their convenience.

With Mobile payments, merchants do not have to be concern of cash /cheque/credit card handling problems or fraud. The Mobile Payment System in Malaysia conforms to the stringent requirements set by Bank Negara Malaysia and the participating banks. This is the same case for the consumers too, transactions are guarantee.

With Mobile payments, merchants and consumer will have multiple mode of operation to request and made for payments. Merchants and consumer can use an IVR, SMS. Mobile Payments system can be integrated with the POS (Point of Sales) System or online storefront system.

Mobile payments provides an easy and simple interface for the consumer to track and monitor all transaction and settlement records All information at the user fingertips by just accessing the web application at Mobile payments website.

Mobile payments, provides an options for the merchants to do reversal (within same business day) and refund (within 10 days from transaction date).